A Request for Proposal (RFP) is a formal document issued by an organization or company to solicit proposals from qualified vendors, contractors, or service providers for a specific project, service, or product procurement. The RFP outlines the requirements, objectives, scope of work, and evaluation criteria for the project or procurement, and invites interested parties to submit proposals detailing how they would meet these requirements.
An RFP serves as a transparent and competitive process for procuring goods and services, allowing organizations to solicit proposals from qualified vendors and select the best-suited provider based on their ability to meet the organization’s needs and objectives. It helps ensure fairness, accountability, and value for money in the procurement process.
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